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The decline in the formal wear rental market, increased lower cost retailers from the high street, higher utility and branch operating costs and unaffordable high levels of rates were blamed for the decision.

The business will continue to trade as usual, working to honour its commitments to customers and employees, with a view to securing a buyer for the business.

Niall O'Farrell, who appeared on RTÉ’s Dragon Den, added: "I deeply regret having to make this decision. I spent most of my career establishing and developing Blacktie, and have done all I could to bolster its prospects.

“I have not drawn a salary from the business for the past four years, and even invested substantial personal resources.

“I would like to pay tribute to Blacktie's employees for their hard work, dedication and loyalty, and will ensure I am available to each and every one of them to answer personally any queries that they may have."